I am filing for my business for the first time. Single member LLC, filing as single, and I really want to do this right the first time. On Turbo Tax how is this done? I did not pay or employ myself with W2/W4.
If this is a single-member LLC (you are the sole owner), then you will file the information for that LLC on your personal income tax return using Schedule C (Self-employed profit and loss).
To input your Schedule C LLC activity:
Important: You do not report the draws you take from your self-employed business as separate income on your tax returns, nor do you deduct these amounts on your Schedule C. Your self-employment income for tax purposes will be the profits of the business (which may actually be more or less than the amounts you draw as compensation).
Note: A single-member LLC may make the election to be taxed as a corporation, which would require filing Form 1120 or 1120-S.